On February 26, 2010, the Ontario Securities Commission (OSC) announced the creation of an Investor Advisory Panel. The Panel’s mandate is to “consider views that are representative of a broad range of investors” in its responses to inquiries from the OSC regarding rules and policies, the annual Statement of Priorities, concept papers and other related matters.
The OSC named the seven members of the Investor Advisory Panel on August 31. They are:
- Anita Anand (Chair), Associate Professor and past Associate Dean (JD Programme), University of Toronto Faculty of Law. Co-author of Securities Law in Canada: Cases and Commentary and Securities Law: Cases, Notes and Materials. Also a staff contributor to the Five Year Review Committee Final Report: Reviewing the Securities Act (Ontario).
- Nancy Averill, Member of the board of directors of the First Nations Statistical Institute, former policy advisor and researcher with The National Round Table on the Environment and Economy and The National Advisory Board on Science and Technology.
- Paul Bates, Dean and Industry Professor in Financial Management Services, DeGroote School of Business, McMaster University. Former Commissioner to the OSC, Governor of the Toronto Stock Exchange and director of Regulation Services Inc. Current Chair of the Investor Education Fund, a non-profit organization established by the OSC.
- Stan Buell, Individual investor, Founder and President of the Small Investor Protection Association, a national non-profit organization with more than 600 members.
- Lincoln Caylor, Commercial litigator, Bennett Jones LLP. Acts for victims of securities and investment fraud. Member of the board of the Macdonald Laurier Institute, a think tank based in Ottawa.
- Steven Garmaise, Independent investor advocate and analyst. Experience in capital markets as an analyst and director of research at several investment dealers in Canada and the U.S. Former Associate Director, Canadian Foundation for Advancement of Investor Rights (FAIR).
- Michael Wissell, Senior Vice President, Tactical Asset Allocation, Ontario Teachers’ Pension Plan.
The term of appointment to the Panel is two years, with eligibility for reappointment for one additional term.
The Chair of the Panel is selected by the Chair of the OSC. Panel deliberations are confidential, and the OSC may identify information or documents provided to the Panel as confidential.
The Panel will meet at least quarterly. Members are expected to attend meetings in person, and will receive a meeting fee currently fixed at $275. The Panel’s travel budget is $30,000 per year.
The Panel may propose that it obtain professional services or consult with investors in order to fulfil its mandate. The Chair of the Panel must authorize any funds required in connection with these activities within an annual budget that is currently fixed at $50,000.
